buying a first house - is the bottom still to come (looking at WP or Fton)?

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buying a first house - is the bottom still to come (looking at WP or Fton)?

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Started 1 year ago by cbus11
Latest reply from lifeontwowheels

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rustbelt

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I'm also struggling with whether to buy or not. (I already owned once in Cleveland & had to sell at a loss).

In my mind, there's no doubt prices will continue to fall across the nation. But Ohio? We seem to be more immune to wild fluctuations because our state economy is always....kind of crappy.

That said, I've been nosing around/pricing for a couple years & prices for places/areas I'm interested in are lower than ever, especially post-tax credit.

There's some absolutely gorgeous places in OTE going for less than $200K, sometimes well less. I agree Merion Village also has some good deals.

I just worry that if I pay X amount for a house it will be the most anyone will pay for that house in the forseeable future.

Having had to reach in my pocket to sell once already makes me pretty cautious. But I also fear I might be missing out on once in a lifetime deals combined with such low interest rates.

Posted 1 year ago #
force5
Weinland Park
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I've been wanting to buy a house in the WP neighborhood for a couple of years now. I currently live just south of there in IV. I'm still not quite sure if I'm brave enough to crossover the 5th Ave line just yet. Though I am envious of a couple that I'm guessing recently purchased a house on 4th and have started building an awesome retaining wall out front.

Posted 1 year ago #
Rastapasta
Olde North
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rustbelt wrote >>
I'm also struggling with whether to buy or not. (I already owned once in Cleveland & had to sell at a loss).
In my mind, there's no doubt prices will continue to fall across the nation. But Ohio? We seem to be more immune to wild fluctuations because our state economy is always....kind of crappy.
That said, I've been nosing around/pricing for a couple years & prices for places/areas I'm interested in are lower than ever, especially post-tax credit.
There's some absolutely gorgeous places in OTE going for less than $200K, sometimes well less.

If you're worried about getting your cash back, a $200K single family houses in neighborhoods like OTE is not going to work out well for you.

On the other hand, a $70K duplex near campus where students are starting to live -- that might not be a bad idea.

Posted 1 year ago #
SusanB
Hungarian Village, Columbus' fastest growing Gayborhood!
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Both of the neighborhoods you are looking at have serious pluses and minuses in the scheme of things. WP has the proximity of VV and its uber expensive real estate, but its fate also rests on the whims of OSU and Campus Partners. In the long run a it has a good shot at gentrification IMHO, but we are talking 10 to 15 years at least. It does have a great group of folks working for its improvement and a great location right next to some awesome stuff. It also has some serious crime issues at the moment, but I expect that to be sorted out soon enough.

Fton's fate IMHO rests on the Cooper Park development. If it is built and is loud, well that's gonna be a huge problem. Fton will gentrify IMHO, but we are talking 10 to 15 years at least. It also has a great group of folks working for its improvement and a great location right next to downtown. Fton is also divided into 2 parts- east of the freeway (where Chris Sherman is and is mostly industrial) and west near Mt. Carmel and is mostly residential. I expect these 2 halves to develope differently at very different paces.

Both areas are a good investment, provided that you are willing to put up with a certain level of urban inner city hassle and wait 10 years to make any money on your investment. Which is better for you? Walk around during the day, drive about at night, look at the available houses, go to the civic meetings for each neighborhood. Also remember that your immediate neighbors are who will shape your living experience most, you can live on a crappy block in a good area and be miserable or live in a crappy neighborhood with great neighbors and be fine.

Posted 1 year ago #
e8453b
Ganthers Place
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There are amazing homes and deals in Ganthers Place. Please also
check out Ganthers Place. Reinhard is probably the best street
to start checking.

Posted 1 year ago #
NOBOPatriot

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Regarding some advice about WP - can't speak to Franklinton!
Stay West of 4th - Hamlet is a good street - between 7th and 11th - also another great (safe) pocket is Hamlet (between 5th - dead ends at the school (awesome houses) here - I would live there in a heart beat. Hamlet runs Noryh - another good area is S of E 11th (High to Summit) East of 4th street still has challenges -Good luck

Posted 1 year ago #
Tigertree
771 N. High St.
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My vote would be for Franklinton, but if you are interested in going a little further up the hill, I am happy to walk you through Westgate... (how is that, Walker?)

Posted 1 year ago #
rory
NW Short North
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Weinland Park is about to undergo some serious and concerted investment courtesy of Campus Partners et al., especially east of 4th Avenue to gussy up the area for building of a couple hundred market rate houses on the Columbus Coated Fabrics site. And the factory on the corner of 4th and 5th is slated for retail and apartments. MORPC is working on a proposal for vertical gardens along the railroad tracks and a farmers market at the factory site. There's currently a revitalization period going to hook up a few of the current residents with affordable housing and after that the plan is to let the market take its course.

There is currently a lot of Section 8 housing but the long-term Section 8 is managed by CPO and they take safety and the care of their tenants pretty seriously. All the units have been recently renovated so they're not bad to look at. I expect the voucher Section 8 to go market rate as the neighborhood improves. All the market rate ought to dilute the Section 8 percentage over time.I haven't seen any increase in Section 8 housing as NoBo Patriot maintains and some of the long-term units along 11th Avenue have been removed from the rolls. The area is small and is bounded on all sides by railroad tracks, Italian Village, Victorian Village unlike Franklinton which goes on for a while. I think it's going to pop sooner than later especially since Ohio State has a vested interest in not having undergrads robbed/pistol-whipped every week by some of the baser elements in the community.

Posted 1 year ago #
rory
NW Short North
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force5 wrote >>
I've been wanting to buy a house in the WP neighborhood for a couple of years now. I currently live just south of there in IV. I'm still not quite sure if I'm brave enough to crossover the 5th Ave line just yet. Though I am envious of a couple that I'm guessing recently purchased a house on 4th and have started building an awesome retaining wall out front.

The retaining wall on 4th is awesome.

Posted 1 year ago #
coolbuckeye
South Clintonville
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The concrete front patio on summit is not awesome...

Posted 1 year ago #
jimbach
Short North (WP division)
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coolbuckeye wrote >>
The concrete front patio on summit is not awesome...

Don't be a hater...

Posted 1 year ago #
pedex

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rustbelt wrote >>
the housing market has more than 20 years of inventory at the current sales rate
Huh? All the news reports about the continuing-to-fall housing market have it pegged at 9-12 months, not 20 years.

that's because they do not include all the inventory sitting on banks balance sheets waiting to be foreclosed upon

3 years ago if you went 90-120 days late the bank would immediately classify it as REO and commence foreclosure proceedings and write down the loss on their balance sheet, they stopped doing that in 2008

since then banks will refuse to write down the loss and foreclose until basically they have no choice any longer, this has created a shadow inventory of housing that is enormous and they routinely now have loans on their books as much as 18 months in arrears yet not classified as REO !!

the reason they are doing this is simple, foreclosure forces the loss to be recognized and puts them out of business given the volume of bad loans on their books

this is but a part of the "extend and pretend" games being played by the banks and the govt

Posted 1 year ago #
UrbanAgent
Victorian Village
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I'm a Realtor in the GV, Vic Village, SoHo, and Downtown neighborhoods of Columbus. It is truly hard to say whether we have hit the bottom. While I appreciate people's comments and insights as to whether we have indeed hit the bottom or not, no one person truly has the answer and it is more complex then many may make it out to be. Not going to point fingers, but many individuals on here presented facts that are inaccurate, but some true as well. The bottom line is no one has a crystal ball (wish I did), but what I can tell you is today's interest rate sheet showed up at 4.125% for a 30 year fixed - amazing. It continues to be a buyer's market and will probably remain so for the next couple years at least. It is also true that there exists a pipeline of foreclosures that banks are holding onto so these REO's do not flood the market. These REO's that are coming onto the market and the others that have yet to be released will establish new market values.

I am not and do not claim to be an expert on REO's. Too much of a headache, however, feel free to use me as a resource on questions regarding the market and various neighborhoods of the city. Here is my website:

http://www.vutech-ruff.com

While we specialize in historic homes and downtown condos, I also feel qualified to answer any questions pertaining to other pocket neighborhoods of the city. Best of luck in your home search should you choose to move forward.

Best,

Mike McCoy
Vutech | Ruff
Real Living HER
177 E. Beck St., Columbus, OH 43206
Direct - 614.255.0609
Cell - 614.395.4987
Fax - 614.474.8448

Marketing exceptional homes throughout Central Ohio!

Mike.McCoy@RealLiving.com http://www.vutech-ruff.com

http://www.8OntheSquare.com http://www.DakotaOnHigh.com

http://www.BeckPlaceCondos.com

Posted 1 year ago #
beersie1
Weinland Park
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I can't speak on whether or not it's the "time to buy", and don't know a lot about Franklinton (although it seems there are a lot of people on CU working hard to improve the area.) But I can tell you a little about my thoughts/experience in WP.

One of the things I love about WP is its proximity to the Short North and campus. No matter what, this isn't going to change. When I look at a slightly bigger picture, I take comfort in knowing that I'm not necessarily waiting on the area to take shape. I only have to walk 2-3 blocks and I'm strolling past new development (MiddleWest spirits, Smith & High, American Apparel *fingers crossed on the new Kroger).
1 more block south and I'm walking by antique stores and coffee shops in the Short North. A couple blocks north and I'm catching a movie at the Gateway and beers at MadMex.
Hop on a bike and you're having brunch at Surly Girl in 2-3 minutes. If I decide to stay out late it only costs a few bucks for a cab ride from anywhere in the SN.

I feel in WP, it's more just waiting on a great area to fill in completely. The fact that there is so much development slated deeper in Weinland Park (Coated Fabrics site, Auld factory, etc.) is a huge step in
jump-starting the rest of the neighborhood. But it's nice to know that no matter what happens you are already a short walk from such a developed area.

As far as my personal experience, I have to admit at first I was a little apprehensive about the neighborhood. I was definitely a little nervous on my first few walks to the SN. However I've gradually made conversation with the familiar faces along the way and people have been very friendly. I now look forward to the walks just to say hi.

I'll also say that doing a few favors for your neighbors does wonders. I was pretty nervous moving in. Sketchy carryout on the corner, pretty run-down houses with people hanging out all around. I made an effort to cut some of their weeds- fix a bike- repair a broken security light. In turn I've gained a bit of a neighborhood watch crew as well as neighbors that wave and say hello each day ( which is a lot more than I had in the Short North.) and even an occasional free 6 pack.

I'm sure the same holds true in Franklinton. While there is definitely a fair share of rif-raff, there are also a lot of long time residents that welcome you and positive change to the neighborhood.

Best of luck in the house hunt- PM me if you want to know more about my experience thus far!

Posted 1 year ago #
revolutionist
SN
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My vote is for WP. We were seriously looking there before we settled on a place in IV, just south of 5th. I live carless, so WP is a great place to be, walking distance from most of what Columbus has to offer. We haven't had any problems really beyond the shopping carts that settle here from Kroger.

I second Joe Peffer as well, he is a great realtor and will really show you around; he's straight up, wont fill your head with lollipops and rainbows and will show you everywhere you even think about purchasing.

Good luck.

Posted 1 year ago #
groundrules

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it's always the bottom(s) in Franklinton!!

Posted 1 year ago #
rustbelt

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since then banks will refuse to write down the loss and foreclose until basically they have no choice any longer, this has created a shadow inventory of housing that is enormous

With all the recent news about the continual downturn, I did see buried in some articles mentions of this type of thing. As in, its worse than you think/are led to believe because....

Posted 1 year ago #
labi
Weinland Park
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The Weinland Park Neighborhood Festival is tomorrow (Saturday) from 10-2 in the park behind the elementary school (south of E 7th Ave between Summit and N 4th St). There will be DJs after noon - weather should be perfect - anyone WP-curious could come check it out. I'll be at the civic association table until noon (after which I intend to take advantage of the dance floor)...

Posted 1 year ago #
Bristol Bar

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I second all the comments on the neighborhood. I've owned the property for 9 years, open for 7 and have had ZERO problems from people in the neighborhood. They are kind of protective of us and do a good job at looking after our building and our employees as well.

Good luck with your search and remember, time is one your side. Take your time and make sure you are ok with your purchase.

Posted 1 year ago #
Bristol Bar

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Shit, I hit post too fast. Weinland Park.

Posted 1 year ago #